Homework Answers
Amount of time is calculated using the NPER function:-
=NPER(rate,pmt,pv)
=NPER(18%/12,-125,4600)
=53.93 months
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Problem 5-41 Number of Annuity Payments (LG5-9) Joey realizes that he has charged too much on...
Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?
Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $4,200 in debt. If he can pay $175 each month and the card charges 15 percent APR (compounded monthly), how long will it take him to pay off the debt?
phoebe realizes that she has charged too much on her credit card and has racked up...
phoebe realizes that she has charged too much on her credit card and has racked up $6000 in debt. if she can pay $200 each month and the card charges 18 percent apr (compounded monthly) , how long will it take her to pay off the debt?
cked up $6,500 in debt. If Phoebe realizes that she has charged too much on her...
cked up $6,500 in debt. If Phoebe realizes that she has charged too much on her credit card and has ra she can pay $250 each month and the card charges 12 percent APR (Compounded monthly), how long will t take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months
i need help please Check my work mode: This shows what is correct or incorrect for...
i
need help please
Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it does not Joey realizes that he has charged too much on his credit card and has racked up $5,900 in debt. If he can pay $150 each month and the card charges 12 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your...
13. Phoebe realizes that she has charged too much on her credit card and has racked...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card...
Michael has a credit card debt of $60,000 that has a 10% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He receives an offer for a credit card with an APR of 9% compounded monthly. If he rolls over his debt onto this card and makes the same monthly payment as before, how long will it take him to pay off his credit card debt?
Solve the problem. 20) You have a $4286 credit card debt, and you plan to pay it off through monthly payments of S80. If you are being charged 13% interest per 20 year, how long (to the nearest t...
Solve the problem. 20) You have a $4286 credit card debt, and you plan to pay it off through monthly payments of S80. If you are being charged 13% interest per 20 year, how long (to the nearest tenth of a year) will i take you to repay your debt? Find the present value of the ordinary annuity. 21)Payments of $3300 made annually for 2) 25 years at 7% compounded annually Find the future value of the annuity due. 22)_...
Problem 4 and 5-5 Present Value and Annuity Payments A local furniture store is advertising a...
Problem 4 and 5-5 Present Value and Annuity Payments A local furniture store is advertising a deal in which you buy a $3,100 dining room set and do not need to pay for two years (no interest cost is incurred) How much money would you have to deposit now in a savings account earning 4 percent APR, compounded monthly, to pay the $3,100 bill in two years? (Do not round intermediate calculations and round your final answer to 2 declmal...
n has been using his credit card too much . His o use only cash until...
n has been using his credit card too much . His o use only cash until the balance of $8574 e credit card company charges 18% compounded monthly. What is the effec t rate? How much interest will he owe e first month's payment? If he makes monthly is paid off. The car in th payments of $225, how long until it is paid ofl South Florida Contributed by Paul R. McCright, University of
cked up $6,500 in debt. If Phoebe realizes that she has charged too much on her credit card and has ra she can pay $250 each month and the card charges 12 percent APR (Compounded monthly), how long will t take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months
i
need help please
Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it does not Joey realizes that he has charged too much on his credit card and has racked up $5,900 in debt. If he can pay $150 each month and the card charges 12 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your...
13. Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt? A. 28.63 months B. 35.00 months C. 47.71 months D. 48.68 months 14. What is the interest rate ofa 4-year, annual $1,000 annuity with present value of $3,500? A. 3.85 percent B. 5.56...
Solve the problem. 20) You have a $4286 credit card debt, and you plan to pay it off through monthly payments of S80. If you are being charged 13% interest per 20 year, how long (to the nearest tenth of a year) will i take you to repay your debt? Find the present value of the ordinary annuity. 21)Payments of $3300 made annually for 2) 25 years at 7% compounded annually Find the future value of the annuity due. 22)_...
Problem 4 and 5-5 Present Value and Annuity Payments A local furniture store is advertising a deal in which you buy a $3,100 dining room set and do not need to pay for two years (no interest cost is incurred) How much money would you have to deposit now in a savings account earning 4 percent APR, compounded monthly, to pay the $3,100 bill in two years? (Do not round intermediate calculations and round your final answer to 2 declmal...
n has been using his credit card too much . His o use only cash until the balance of $8574 e credit card company charges 18% compounded monthly. What is the effec t rate? How much interest will he owe e first month's payment? If he makes monthly is paid off. The car in th payments of $225, how long until it is paid ofl South Florida Contributed by Paul R. McCright, University of
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